Quick Links:
Home > Other Solutions > ...
Escrow
 |
What It
Is and How It Works |
 |
Escrow
services act as a middleman for a payment
transaction. They ensure the buyer is happy with
the product they've received and that the seller
gets paid accordingly. This solution provides
good security and trust that are an essential for
high ticket items (i.e. domain names, company
buy-outs, etc.) and auction-type websites.
Here's
a step-by-step explanation of how Escrow services
work:
Step
1: The Buyer pays for the order to the
Escrow service with a credit card, money order,
check (business, personal, certified), wire
transfer, or direct deposit.
Step
2: Once the Escrow service receives the
Buyer's payment, they will then notify the Seller
to go ahead and ship the merchandise to the
Buyer.
Step
3: After the Buyer receives the
merchandise, he/she then notifies the Escrow
service that they are happy with the purchase.
Step
4: The Escrow service then pays the
Seller accordingly by either check or wire
transfer into your bank account
If
the Buyer is not satisfied with the merchandise,
he/she can notify the Escrow service that the
item(s) has been returned to the Seller. Once the
Seller receives the merchandise back, they are
given a period of time (about a week) for
inspection of returned item(s). The inspection
period allows the Seller time to ensure the
merchandise was returned in the same condition as
it was shipped. After which, the Escrow service
will refund the Buyer for the amount paid, less
the Escrow service fee.
|
Who Needs
This Solution? |
|
Any
business that offers high ticket items or
auctions off merchandise should strongly look
towards using an Escrow service to protect both
the Buyer and the Buyer.
|
Escrow
Resources |
|
These
companies can help set you up with Escrow payment
acceptance services for your business:
Know
of a good Escrow service provider? Let us know!
|
